"Real Madrid C.F. wishes to express its apologies to the Chinese people for any offence caused by the recent remarks of our player Kylian Mbappe," read the club's statement, which came 24 hours after the furore broke.
"The club joins in the public apology issued by Kylian Mbappe, in which the player himself expressed his regret for his words and reiterated his respect for the Chinese people," the 15-time European champions said.
The controversy began with a clip of a video interview on a French show - since taken down - in which Mbappe talked about being amused by an internet meme of his face photoshopped onto "some guy, think he's a Chinese dictator", an apparent reference to Mao.
Chinese sponsors dropped Mbappe, who later apologised for his "ill-judged" comments.
Spain's LaLiga also apologised but Chinese state TV has suspended broadcasts of matches from the Spanish top flight.